Marketing Dynamics Chapter 6

Question 1

Natural resources can include soil, water, minerals, plants, and animals.

Accepted Answer

True

Question 2

In 1776, Scottish philosopher Adam Smith published ___ that outlined how a market economy works

Accepted Answer

The Wealth of Nations

Question 3

The science that deals with examining how goods and services are produced, sold, and used.

Accepted Answer

economics

Question 4

An organized way which a state or nation allocates its resources to create goods and services.

Accepted Answer

economic system

Question 5

A raw material found in nature.

Accepted Answer

natural resource

Question 6

Many European countries, such as Sweden and France, are social democracies

Accepted Answer

True

Question 7

The economic principle of supply and demand has no influence on product prices.

Accepted Answer

False

Question 8

The value of the best option you did not choose.

Accepted Answer

opportunity cost

Question 9

Infrastructure can easily be moved from place to place.

Accepted Answer

False

Question 10

Which of the following is not an economic question about scarcity that every nation must answer

Accepted Answer

Why are we even producing anything?

Question 11

Which of the following is not a type of transportation infrastructure

Accepted Answer

Sanitation systems

Question 12

Currently, the two remaining countries with command economies are

Accepted Answer

North Korea and Cuba

Question 13

The economic principle relating to the quantity of products available to meet consumer demand.

Accepted Answer

supply and demand

Question 14

Individuals in a market economy cannot own private property.

Accepted Answer

False

Question 15

The United States is often said to be a market economy; but, it is clearly a ____ economy

Accepted Answer

mixed-market

Question 16

Economic input is the goods and services produced by an economic system during a specific time

Accepted Answer

False

Question 17

The amount of work a person can do in a specific amount of time, usually an hour.

Accepted Answer

productivity

Question 18

An economic resource a nation uses to make products and supply services for its citizens.

Accepted Answer

factor of production

Question 19

All of a nation’s natural resources.

Accepted Answer

land

Question 20

the economic principle relating to the quantity of products available to meet consumer demand

Accepted Answer

Supply and demand

Question 21

Those products that businesses use to produce other goods are called what?

Accepted Answer

Trading goods

Question 22

Only individuals struggle with the problem of scarce, or limited, resources.

Accepted Answer

False

Question 23

command economy is called a planned economy because government makes all economic decisions

Accepted Answer

True

Question 24

Type of economic system in which individuals are free to make their own economic decisions.

Accepted Answer

market economy

Question 25

When demand is higher than the available resources.

Accepted Answer

scarcity

Question 26

the use of science to invent useful things or to solve problems

Accepted Answer

Technology

Question 27

is a socialist system of government achieved by democratic means

Accepted Answer

social democracy

Question 28

Type of economic system in which the government makes all of the economic decisions

Accepted Answer

command economy

Question 29

A mixed economy is one in which most citizens have just enough to survive

Accepted Answer

False

Question 30

All of the tools and machinery used to produce goods or provide services.

Accepted Answer

capital

Question 31

Work performed by people in businesses.

Accepted Answer

labor

Question 32

Factors of production are also called economic resources.

Accepted Answer

True

Question 33

Which of the following is not a factor of production

Accepted Answer

Economy

Question 34

See Image.

Accepted Answer

fewer

Question 35

Digital technology is powered by steam and fuel combustion.

Accepted Answer

True

Question 36

Every economic decision has an opportunity cost.

Accepted Answer

True

Question 37

economic system which both the government and individuals decide about economic resource.

Accepted Answer

mixed economy

Question 38

Type of economic system in which most citizens have just enough to survive.

Accepted Answer

traditional economy

Question 39

Pure market economies do not exist because all countries have some government influence

Accepted Answer

True

Marketing Dynamics Chapter 6

Questions 39

Marketing Dynamics Chapter 6

Questions 39